Real Estate Bill sent to Law Ministry for comments

NEW DELHI: The draft of the new central Real Estate Regulation bill, 2011 has been sent to the Law ministry for its comments and clearance, said SK Singh, joint secretary, ministry of Housing and Urban Poverty Alleviation at a CII conference in New Delhi on Friday.

The original Model Real Estate bill has now been modified into the new Real Estate Regulation bill, which excludes the subjects of land and colonisation, as they are both state subjects. The new bill deals with consumer interest, fraud and cheating, contractual obligation. Once this bill is in place, all developers will have to register with the regulator and provide all details of their projects, include land and clearances, before they can advertise to the public. “Transparency is the purpose,” said Singh.

The original bill has been in the making for over three years now and has seen about eightnine modifications to date.